Netflix hikes up its prices

Listen up Netflix users. The streaming site is about to raise its prices on us.

Longtime Netflix users have been enjoying the high-definition streaming for $7.99 a month, while newer users aren’t so lucky to get grandfathered into the cheap plan.

Netflix is telling us the cheaper subscription is coming to an end, sort of.

The company announced on Tuesday that lower-paying customers will have to make a choice: To keep paying $7.99 a month for downgraded standard-definition streaming, or pay $9.99 a month to get full high-definition content, says Time.com.

The little jump in pricing doesn’t seem like much, but annually, you go from paying $96 a year to $120 a year.

“Given these members have been with us at least two years, we expect only slightly elevated churn,” reads the company’s shareholder letter.